Faropoint, a real estate investment firm, recently acquired four warehouses located in Northeast Jacksonville. The warehouses are part of the Alta Lakes Commerce Center and were sold for a total of $62 million. The previous owner, DRA Advisors, had purchased them in 2017 for $30.4 million.
The four warehouses have a combined space of over 600,000 square feet and are currently occupied by tenants such as Amazon and Sam’s Club. They are situated at 11084 and 11070 Cabot Commerce Circle as well as 2550 and 2562 Cabot Commerce Drive. Across from these properties is an undeveloped parcel owned by DRA Advisors that could potentially be used for future expansion.
According to reports from the Jacksonville Business Journal, Faropoint has acquired more than 400 warehouses across the country with its focus on purchasing smaller logistics assets ranging from small to medium-sized with an average deal size of $5 million per asset covering approximately60 ,000 square feet each . However , this recent acquisition far exceeds their usual parameters.
The leasing representation for these properties will be handled by Newmark Phoenix Realty Group.
